Brown & Brown reported net income increased 15 percent in the third quarter, but earnings suffered as Florida retail nose-dived to negative-11 percent growth.
The Daytona Beach, Fla.-based insurance broker reported net growth in the third quarter of this year was down $4.6 million to $39 million compared with last year in its Florida retail market. Organic growth was off 12 percent in that market.
J. Hyatt Brown called the results "the biggest surprise in a long time. I don't remember any quarter where we have had a negative growth rate in Florida."
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